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BILL AS INTRODUCED 2007-2008

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H.389

Introduced by Representative Johnson of Canaan

Referred to Committee on

Date:

Subject:  Taxation; property tax; common level of appraisal; year following reappraisal

Statement of purpose:  This bill proposes to create a more accurate common level of appraisal in the year following a townwide reappraisal.

AN ACT RELATING TO COMMON LEVEL OF APPRAISAL FOLLOWING REAPPRAISAL

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 5406(c) is amended to read:

(c)  If the director of property valuation and review certifies that a municipality has completed a townwide reappraisal, the common level of appraisal for that municipality shall be equal to its new grand list value divided by its most recent equalized grand list value, for purposes of determining education property tax rates for the first tax bills sent after the reappraisal; and for tax bills sent in the following year, the director shall calculate the common level of appraisal for that municipality using sales only from the prior 12 months.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us